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Large Cap Core

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Snapshot

Performance

Portfolio

Management

Fund Documents

Snapshot

For those investors who are seeking a low cost, disciplined approach to investing in equities, this may be the fund for you. The Large Cap Core Fund attempts to create a portfolio with similar risk, style, capitalization and industry characteristics as the S&P 500 Index. In managing the Fund, your investment management team attempts to achieve the Fund's objective by overweighting those stocks that it believes will outperform the S&P 500 Index and underweighting those stocks that it believes will under-perform the S&P 500 Index.

Fund Objective

Capital Appreciation

Fund Strategy

Use a multi-factor proprietary quantitative stock selection model with the goal of providing additional total return versus the S&P 500® Index.

Create a portfolio with risk, style, capitalization and characteristics similar to the S&P 500® Index while potentially providing excess returns by overweighting or underweighting stocks that have the potential to achieve the Fund's objective.

Sell securities when they are no longer attractive based upon evaluation criteria, such as valuation, price momentum and earnings quality.

Investor Profile

If you're seeking a low cost, disciplined approach to investing in equities, this fund may be appropriate for you. It seeks long term growth of capital and dividend income and invests primarily in a broadly diversified portfolio of established, large-cap companies. The Fund is intended for use as a core equity investment.

Risk/Reward Potential

Overall Morningstar RatingTM

Among 1,107 large value funds derived from a weighted average of the fund's 3- and 5-year risk-adjusted returns as of 1/31/2015.

Large Cap Core received 4 stars for the 3-year rating among 1,107 large value funds and 5 stars for the 5-year rating among 975 funds. The 10-year Morningstar Rating is not available.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.

The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 0.60%. The contractual limitation may not be terminated before July 31, 2015 without the approval of the Board of Trustees. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions.

Annual Expense Ratios

Gross Expense Ratio

Net Expense Ratio‡

Large Cap Core

1.24%

0.62%

‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.

Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed-income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

S&P 500® Index is an unmanaged index consisting of 500 stocks and is a widely recognized common measure of the performance of the overall U.S. stock market. It is not possible to invest directly in an index.

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Mark C. Sodergren, CFA®

Mark C. Sodergren, Senior Vice President of Northern Trust, is head of the quantitative active team responsible for research and implementation of several quantitative equity strategies. He currently manages the Northern Large Cap Core Fund and Northern Large Cap Value Fund.

Before joining Northern Trust in 2007, Mr. Sodergren was a portfolio manager at Barclays Global Investors focused on active U.S. large cap strategies. Prior to this, he spent six years at Citigroup Asset Management as a portfolio manager and researcher focused on both active international and domestic portfolios.

Mr. Sodergren received a B.A. in quantitative economics and decision sciences from the University of California, San Diego and an MBA from the University of Chicago. He is an active CFA® charterholder.

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.